The second consecutive guidance raise on ARCALYST, combined with positive KPL-387 Phase 2 data and the initiation of the Phase 3 PASTORALE trial, creates a strong catalyst path. Monitor the KPL-387 Phase 3 enrollment pace and any updates on KPL-1161 Phase 1 initiation by year-end 2026 for the next inflection point.
Price Chart
Executive Summary
Kiniksa reported Q2 2026 ARCALYST net product revenue of $243.6M (~55% YoY growth), beating consensus estimates of $226.5M. The company raised its full-year 2026 ARCALYST guidance for the second consecutive quarter to $980-$995M, and announced positive Phase 2 data for KPL-387 with the Phase 3 PASTORALE trial now enrolling. Net income was $25.4M ($0.30 diluted EPS) vs $17.8M a year ago, with cash growing to $525.9M and no debt.
Key Financial Metrics
Key Facts
- ARCALYST Q2 2026 net product revenue of $243.6M, ~55% YoY growth from $156.8M
- Full-year 2026 ARCALYST guidance raised to $980-$995M from prior $930-$945M
- Net income of $25.4M ($0.30 diluted EPS) vs $17.8M ($0.23) in Q2 2025
- Cash, cash equivalents, and short-term investments of $525.9M with no debt
- KPL-387 Phase 2 data showed rapid pain/CRP reduction at 300mg SC monthly; Phase 3 PASTORALE trial now enrolling
- More than 5,000 prescribers have written ARCALYST prescriptions since launch; ~21% of 14,000 multiple-recurrence patients actively on therapy
Financial Impact
ARCALYST revenue guidance raised by $50M at midpoint ($987.5M vs prior $937.5M), representing ~5.3% incremental upside; Q2 revenue beat consensus by ~7.5% ($243.6M vs $226.5M est)
Risk Factors
- ARCALYST revenue concentration risk as sole commercial product
- KPL-387 Phase 3 PASTORALE trial may fail to replicate Phase 2 efficacy or encounter enrollment delays
- Collaboration expenses growing faster than revenue (68% YoY vs 55% revenue growth), pressuring operating margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001730430-26-000031 |
| Document: knsa-20260728x8k.htm | 0001730430-26-000031 |
| Document: 0001730430-26-000031-index-headers.html | 0001730430-26-000031 |
| Document: 0001730430-26-000031-index.html | 0001730430-26-000031 |
| Document: 0001730430-26-000031.txt | 0001730430-26-000031 |
| 8-K Data (Synthetic) | 0001730430-26-000031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $76.00 | awaiting T+60 | — | $72.98 (−3.97%) |
Oct 27, 2026 today | Press Release | $75.00 | awaiting T+60 | — | $72.98 (−2.69%) |
Oct 22, 2026 5d ago | 8-K | $76.73 | awaiting T+60 | — | $72.98 (−4.89%) |
Oct 22, 2026 5d ago | Press Release | $80.79 | awaiting T+60 | — | $72.98 (−9.67%) |
Sep 3, 2026 7w ago | 144 | $77.91 | awaiting T+60 | — | $72.98 (−6.33%) |
Jul 28, 2026 13w ago | 8-K | $79.44 $79.70 | ▲ +0.33% | ▼ −4.02% | $72.98 (−8.13%) |
Jul 28, 2026 13w ago | Press Release | $79.44 $79.70 | ▲ +0.33% | ▼ −4.02% | $72.98 (−8.13%) |
May 26, 2026 22w ago | 8-K | $51.84 $78.47 | ▲ +51.37% | ▲ +49.49% | $72.98 (+40.78%) |
May 1, 2026 25w ago | 8-K | $57.62 $80.92 | ▲ +40.44% | ▲ +38.58% | $72.98 (+26.66%) |
Apr 28, 2026 26w ago | 144 | $52.99 $62.84 | ▼ −18.59% | ▼ −14.48% | $72.98 (−37.72%) |
US Market Status
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